FINANCE

Hhgregg Continues to Accept Circuit City Card

BY CSA STAFF

Indianapolis Consumer electronics retailer hhgregg Inc. said on Monday that it will continue to honor Circuit City gift cards until April and will create a service to deal with warrantied products purchased at its fallen competitor.

Circuit City Stores Inc., which filed for bankruptcy protection last year, announced earlier this month that it was liquidating its stores.

Last month hhgregg said it would accept Circuit City gift cards until Super Bowl Sunday on Feb. 1. Shoppers can now use their Circuit City gift cards until April 1 on up to 20% of the purchase price of a product bought at hhgregg.

The cards cannot be used for online purchases.

Additionally, hhgregg said customers can bring manufacturer-warrantied items bought at Circuit City to its stores for service. Proof of purchase will be required.

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Murray resigns from Cabela’s board

BY CSA STAFF

SIDNEY, Neb. Cabela’s announced that Stephen Murray resigned from the board of directors effective Jan. 20.

Murray joined the board of directors in December 2005. During his tenure, Murray served as a member of the compensation committee and the nominating and corporate governance committee.

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Wal-Mart to own majority stake in largest Chilean food retailer

BY CSA STAFF

BENTONVILLE, Ark. and SANTIAGO, Chile Wal-Mart Stores announced that it has successfully completed its tender offer to acquire Distribucion y Servicio D&S S.A., Chile’s largest food retailer.

As a result of the transaction, Wal-Mart will own approximately 58.2 % of the issued and outstanding shares of D&S, including shares represented as American Depository Shares in the United States. Felipe Ibanez Scott and Nicolas Ibanez Scott will collectively retain approximately 40.1% of the shares of D&S, leaving approximately 1.7% held by the public. The tender offer period commenced Dec. 24 and closed at midnight Jan. 22 local Santiago time.

According to Craig Herkert, Wal-Mart EVP and CEO of the Americas, “Partnering with D&S, with its strong brands and its position as Chile’s largest food retailer, is an important step in implementing Wal-Mart’s international strategy. We continue to focus on portfolio optimization, global leverage and winning in every market.”

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